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7/27/2022 4:07:24 PM
 
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Section 5: OPA Board Subject: Perrone Resigns As OPA Treasurer Msg# 1165030
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Do our reserves currently meet the amount our most recent reserve study says we need?
Maybe. As a result of the DMA Reserve Study recap in November, it was concluded that our reserve goal should be +/- 25% of our assets. However, that was before OPA took responsibility for cluster mailbox replacement. Those assets must be added to our reserves along with a sound plan to beef up road replacement reserves. Reserve management is a moving target. I personally believe OPA has been in a sound position thanks to the work of Gene Ringsdorf over the years. That new law was needed because sadly, some COA/HOA don’t have reserves. And, an example of that is the building collapse tragedy in FL - with a mindset let’s let the next guy worry about it. Tom |
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For reference, the above message is a reply to a message where: I was the association member who asked Perrone what one would assume to be a logical question to ask the OPA Treasurer in light of the recent Maryland law change requiring an independent expert in reserve studies to state how much an HOA must have in reserves. The HOA must then meet that cash requirement. Currently, OPA had no official statement from any reserve study company as to how many dollars are required to meet the new law requirements. Generally speaking, OPA has about eight or nine million in reserves. That equates to perhaps 25% of the total infrastructure value. Any changes to that could be substantial dollars impacting the assessment, or perhaps no change is needed. Given the new law, I saw it reasonable to ask the OPA Treasurer the following question: Do our reserves currently meet the amount our most recent reserve study says we need? I never received an answer to the question. Apparently, there were subsequent email exchanges between Perrone and other board members, including the board president Colette Horn. To my surprise, Perrone resigned as Treasurer at the meeting this morning. What Horn said at the board meeting today more or less tries to build a Berlin Wall between association members and board members. |
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